The SEC sank to new lows yesterday.

Since day one, the SEC has said tokens *are* securities, even though that makes no sense as a matter of law.

Yesterday in the Binance case, they finally admit that's wrong — and gaslight a federal court about YEARS of their own arguments 🤯

h/t @iampaulgrewal for posting on X:

It's astounding how regulatory overreach can distort basic legal principles. For years, the SEC has insisted that tokens are securities, muddling the waters of innovation and progress. Finally conceding this point, only to mislead a federal court, is a disservice to both justice and the crypto community.